TOWERCO RECEIVES $30 MILLION EQUITY FINANCING COMMITMENT FROM SOROS
Wednesday, January 11, 2006
CARY, N.C., January 11, 2006 – TowerCo LLC, which develops, owns and leases wireless communications towers, today announced it has raised an additional $30 million of equity from Soros Strategic Partners LP, an entity managed by Soros Fund Management LLC, bringing total equity capital committed to the company to $60 million.
TowerCo was founded by Tailwind Capital and management in September 2004.
Richard J. Byrne, Chief Executive Officer of TowerCo, said “The additional equity will help us accelerate our tower development activities.” TowerCo ended 2005 owning and operating 221 towers. “We exceeded our goal of reaching 200 towers by the end of 2005” Mr. Byrne said. “Including our current pipeline of towers, we are more than half-way towards our longer-term plan of owning 1,000 towers by 2009. It is extremely rewarding to deliver to all of our constituents – carriers, contractors and investors – beyond what we said we would.”
- To date, TowerCo’s exclusive right to build and buy towers for Nextel Partners, Inc. has produced outstanding results. Under their previously announced agreement, TowerCo expects to purchase or develop 300 wireless communications towers for Nextel Partners through 2008.
- During 2005, TowerCo achieved strong collocation growth from leasing space on its towers to wireless service providers.
DH Capital LLC, a New York based investment banking firm focused on the media and communications industries, served as exclusive financial advisor to TowerCo.
About TowerCo LLC
Based in Cary, N.C., TowerCo focuses on the development, leasing and management of communication towers. TowerCo was launched in September 2004 on the strength of a commitment in equity financing from Tailwind Capital Partners. Formed by industry veterans Richard Byrne, chief executive officer, and Scot Lloyd, chief operating officer, TowerCo seeks to meet the infrastructure needs of wireless services providers and others by developing new tower sites throughout the United States. TowerCo's headquarters are located at 112 Towerview Court, Cary, NC 27513. Telephone: 919-469-5559. To learn more about TowerCo, please visit www.towerco.com.
About Tailwind Capital
Tailwind Capital (www.tailwindcapital.com) is an independent private equity firm focused on control investments in healthcare, media/communications and business services companies. Tailwind is the general partner of the $1.3 billion TWCP LP fund. Its portfolio companies include Aircast (orthopedic braces), Concord Music Group (recorded music) Hospital Partners of America (hospital management), NextMedia (radio broadcasting and outdoor advertising), TowerCo (communication services) and Trover Solutions (insurance subrogation services).
About Soros Fund Management
Soros Fund Management LLC founded by George Soros, is a privately held investment management firm providing financial services and investment strategies for various private funds.
About DH Capital, LLC
DH Capital is an investment banking partnership serving the media, Internet and telecommunications industries. Based in New York, the firm’s principals have extensive experience and proven abilities in mergers and acquisitions, capital formation, finance, research, business development and operations. DH Capital provides a full range of advisory services to companies and financial institutions, including private placements, mergers and acquisitions, financial restructuring, and operational consulting. For additional information, please call 212-774-3720 or visit www.dhcapitalllc.com.